The country is attracting a lot of investor attention to its natural gas deposits, whose reserves the government says stand at more than 10 trillion cubic feet following recent discoveries.

Tanzania is Africa’s fourth-largest gold producer and its mining sector has attracted major investment over the past decade.

The International Monetary Fund said in March it expects the country’s economy to expand by 6.5 to 7 per cent in 2012-13.

Prof Ndulu said the country had revived its plan to issue a Eurobond although he gave few details, adding: “Even the amount has to be determined... We have to first complete the country rating. After we have done the country rating, we have to do the usual road show and marketing.”

Earlier this year, the government said it planned to start opening up its capital account this year, enabling it to attract more investment initially from other members of the five-partner East African Community and then from the rest of the world by 2015.

The BoT governor also pointed out that the country was gradually working on relaxing its capital controls in order to gain its sovereign debt rating.

“We are working on that. We have made a commitment under the East African market protocol and we’re going to keep to those commitments,” he said, adding: “We’re going to gradually remove most of those, but we’re aware that every country now works with speed bumps just because currencies have become so volatile.”